A Paytm spokesperson, however, categorically stated that the company is not planning to enter the luxury space right now.NEW DELHI: Paytm could soon be foraying into the luxury space by launching an online and mobile ecommerce platform exclusively for luxury products, sources familiar with the development told ET.

The Alibaba-backed digital payments and ecommerce company has roped in marquee luxury brands like Gucci, Fendi, Furla and Burberry for its mobile luxury platform Anasa and is courting more brands, they said.

A Paytm spokesperson, however, categorically stated that the company is not planning to enter the luxury space right now.

Sources said Paytm is referring to Anasa as a first of its kind luxury mall on mobile which can provide "the right environment and market positioning to showcase luxury brands" to high net worth individuals or HNIs.

Sources said the company is currently reaching out to Indian retailers of luxury brands for Anasa. While a few luxury brands operate through joint venture arrangements in India, most have marketing and distribution agreements with Indian retailers.

While ecommerce has been booming in India, online luxury buying is still at a nascent stage given challenges like validating authenticity of brands and the ticket size of transactions.

Last year, Snapdeal acquired premium and luxury fashion website Exclusively.com that retails creations of Indian designers such as Manish Malhotra, Tarun Tahiliani, Rohit Bal, JJ Valaya, and Ritu Kumar. Other portals that sell luxury brands in India include Darveys and RocknShop.

According to Euromonitor International, the Indian luxury goods market is expected to more than double in five years to Rs 390 billion by 2020 from Rs 163 billion in 2015, growing 19 per cent year on year.

Paytm currently sells products under various categories like mobiles and accessories, electronics, men’s fashion, women’s fashion, baby kids and toys, home and kitchen on its website.

Currently, it has more than 100 million users and targets to expand its user base to 500 million by 2020.